Nord Stream 2, which will carry Russian gas to Europe avoiding transit across Ukraine, requires some 160 km of pipes to be laid and was initially expected to be in operation in the first half of 2020.
Russian oil production has been rising for the past decade thanks to the startup of new fields and the introduction of new technologies at mature deposits.
The deal, which came just 24 hours before the current agreement expires, averted a potential Russian gas-flow interruption to Europe and helped Moscow avoid another blow to its reputation.
President Donald Trump signed a bill late this month imposing sanctions on the Nord Stream 2 gas pipeline project led by Russia's state-controlled gas company.
Oil rose further above $67 a barrel to its highest in over three months on Dec. 26, buoyed by a report showing lower U.S. crude inventories, by hopes of an end to the China-U.S. trade dispute and OPEC-led efforts to constrain supply.
Oil prices rose on Dec. 24 in thin pre-Christmas trading after Russia's energy minister said cooperation with OPEC to support the market would continue and as analysts forecast a second weekly decline in U.S. crude inventories.
Around 160 km (100 miles) of the gas pipeline, which will supply Russian gas to Germany and other European countries, remains to be laid, the consortium behind the project said earlier on Dec. 23.
Oil firms Equinor and Rosneft expect to extract some 250 million barrels of oil and 23 billion cubic meters of gas during the first part of the development of the Severo-Komsomolskoye oilfield in Russia, Equinor said on Dec. 23.
OPEC and other leading oil producers may consider easing oil output restrictions at their meeting in March, Russian Energy Minister Alexander Novak said in an interview aired on Dec. 23.
Swiss-Dutch company Allseas said it had suspended work on building a major Russia-to-Germany natural gas pipeline in order to avoid U.S. sanctions contained in legislation signed by President Donald Trump on Dec. 20.